Japan growth rate revised down but business spending improvesJune 8, 2017 - 17:27 AMT PanARMENIAN.Net - Japan's economy grew slower than initially estimated in the first three months of the year, according to revised figures, BBC News reports. Gross domestic product (GDP) expanded 0.3% in the first quarter, compared to 0.5% in last month's preliminary reading. The annualised rate of growth was cut to 1% from the initial reading of 2.2%. The data was weaker than expected and was due to an unexpected decline in oil inventories and private consumption. Business investment increased though, rising by 0.6% in the quarter compared with the first estimate of 0.2%. Japan's central bank meets next week and is now expected to keep policy unchanged following the latest data. Economic recovery However, analysts say the outlook remains positive for the world's third-largest economy and that its recovery is set continue. "Both retail sales and core household spending recorded strong gains in April, and industrial production finally surpassed the peak reached before 2014's sales tax hike," Marcel Thieliant from Capital Economics said. "The current [economic] expansion already is the longest in more than a decade," he added. Prime Minister Shinzo Abe has been pushing Japanese consumers and companies to spend more in the run-up to the Tokyo Olympics in 2020. Private consumption accounts for about 60% of GDP. Exporters have been helped by a weakening currency, which has made their products more competitive and has boosted the value of profits earned overseas. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |